Frustrated with Amex, want to apply but have been declined consistently

[AverageJoesCredit]

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@Azza wrote:

Thanks for the kind words everyone!

Well, I am frustrated (haha, said that in the thread title). Amex is super telling me to talk to the hand. I just updated my credit report, and now even Experian is upset with me for opening that auto loan:

I imagine that I would be probably textbook insane to apply for Amex right now, because I just opened this loan. Reason being, the last time I applied for Amex was the same day I had applied and been approved for a new Rivermark credit card, so that'd be pretty similar here.

On the other hand, what the heck!? What's the point of having good credit if I can't use it? I hear everyone say "oh yeah, if your credit score is above 730 you're good for almost any loan!" Then there's me here, with steady credit scores above 730+ for months and I am now worried to attempt a pull.

I can wait. It seems that I have been told to wait a lot recently. I waited a year to pull the trigger on that car lol, I am waiting on some investments now, and I have been waiting eight months now for this Amex Gold card.

WAITING IS SO ANNOYING But I can do it. Mixed reviews above means I should probably err on the side of caution, despite people saying I should go for it. That being said:

Vote now friends, DO I WAIT OR DO I GIVE IT A GO?

Let's get 21 votes in, and I'll make my decision from there. Just respond below with your choice, and please back your vote with some reasoning! And to show restraint, if we don't get 21 votes, I won't apply. If you guys vote not to apply, I will hold to my guns and not apply. Basically I need a really good reason to go through with an application now, rather than wait.

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Lol i dont think there are 21 total people on myFico nowadays.  You have my vote. I understand the slow the credit seeking behavior etc but just the way i see how the world is turning out, a couple hps or not wont matter in the end If i played it safe with Navy id still be sitting with a $500 CR cc and all to have a clean credit profile. Nope, if you dont try never know what could have been

[NoHardLimits]

My vote is to NOT apply right now.  Wait until one month after all of your accounts and inquiries turn 1 year old.  You will be far less likely to be viewed as credit seeking.

That being said, denials for a core revolver (like Blue Cash Preferred) do not mean that you will not be approved for a charge card (like Gold).  Many data points have indicated that Amex's underwriting standards are the most strict for its core revolvers.

Good luck, whichever way you decide to go!

[joltdude]

I'm one for waiting.... perhaps revisit this in 6-12 mo? 

[Anonymous]

Last year I would say apply. I think wait.....until September 1 based on your inquiries.

[Demented1]

Alright @Azza…as @Anonymous wrote: “Last year I would say apply.” I went on an app’ing spree, I had 18 CC’s and after getting COVID as a Christmas Present literally on Christmas Day I found myself dreaming of the three (3) cards I had on my wish list. In my “Rona” induced delirium and boredom, I pulled an “app’ing” session and found myself with the trifecta in my wallet going into 2021. Without going into too much detail, during the time I was quarantined I lost my sense of smell, taste and apparently my sense of reason. What I didn’t lose was my ability to fill out my name, address, phone and other pertinent info and click the “SUBMIT” button.

With that said, I’m with @K-in-Boston; @NoHardLimits; @joltdude and @Anonymous, I’d vote to sit the bench and let the stats catch up to your obvious detail-oriented narrative with what can be construed as KPI’s and future lead/lag measures. You effectively have your course laid out for yourself!

Best of luck…be led by your gut and the wisdom of the more Senior Contributor’s!

[dogmeat]

I would first point out that the Amex Gold is not a 4% CB card on groceries/dining. It's an MR card, and the best path that I'm aware of for converting MR to CB is to use a co-branded Amex Platinum card that has a 1.25c/MR redemption rate, giving you effectively 5% CB.

However, in my opinion the best way to use MR is for travel redemption, often through MR transfer partners.

So the question needs to be asked, do you travel? Are MR travel partners a good fit for your travel style?  Are you willing to invest the time and energy necessary to learn the ropes of points transfer/redemption, to help you maximize the value of the points you'd be paying $250/yr for the privilege of earning?  Or would you rather just have cash back and not worry about any of that? There's no 'right' answer, it's all about knowing yourself.

Regarding apping to Amex right now, I would suggest apping for a $0 AF co-branded revolver, either the Delta Blue or $0 AF Hilton (or one level up from $0 AF on either if it makes sense for you). There is some evidence to suggest that these are the easiest cards to obtain, in my opinion.

I see two benefits of applying for one of these cards:

1. if you get declined, you know you probably have a long wait ahead of you. It removes all uncertainty about your current position in Amex's eyes.

2. If you get approved, even if only for $1000CL, you're in.  You may very well start seeing pre-approved offers for other cards while signed in, within a reasonable amount of time.  Furthemore, once you're in you will more likely than not only be SP'd for future credit product applications.

If you're going to wait 6mo/year before you apply anyway, I don't see a lot of harm with burning a HP now to find out where you stand and to possibly get in early. 

[AllZero]

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@collics wrote:

Sorry nothing substantial to add but feel like you should be recognized for the great formatting and detailed data. Good luck. 

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+ 1 Bazillion!

[Azza]

Alright. Gonna hold off for now, and what @dogmeat said about this has me making more considerations.

Thanks guys.